Pacific Drilling latest rig operator to file for Chapter 11 bankruptcy
New York-listed Pacific Drilling is the latest rig operator to file for a voluntary Chapter 11 bankruptcy in the US to get out of a major debt. Several other rig operators have made a similar move...Read more
Schlumberger cuts 21,000 jobs
Schlumberger is cutting 21,000 jobs in response to the pandemic and related oil crisis. CEO Olivier le Peuch says the second quarter “has probably been the most challenging quarter in the past decades.” The company...Read more
Plans for larger ‘Pioneering Spirit’ shelved indefinitely
Offshore contractor Allseas has postponed the announced construction of a larger successor to the offshore platform remover Pioneering Spirit indefinitely. Before the corona crisis and the implosion of the oil price, the huge vessel was...Read more
Van Oord axes 500 jobs
Van Oord becomes the latest offshore contractor to heavily cut back on its workforce. Covid-19, the slump in oil prices and deteriorating market conditions in the dredging industry force the company to cut 500 jobs...Read more
Allseas to lay up vessels and dismiss several hundred crew
Offshore contractor Allseas will reduce its workforce by 300 in the course of 2020, which will mostly impact its vessels’ crews. The company says it is forced to do so due to the low oil...Read more